TUESDAYDecember 13, 2022

Dear Veterinary Student,

Whether you have considered practice ownership or plan to enter the profession as an associate, veterinary business education has never been more crucial to your career. This weekly publication is designed to supplement your education by providing information on veterinary business including ownership and management, finance operations, communication, team building and emerging technologies that will shape the future of veterinary medicine.

New to the Veterinary Student Insider? Click here to sign up for free. And if you like what you read here, share it with your peers!


Spectrum of care and your veterinary career 

The “spectrum of care” concept is becoming increasingly popular in veterinary medicine. And while it’s not necessarily a standard component of veterinary education, employers more and more want team members who understand it. 

Practicing a spectrum of care model involves giving clients a range of options to treat their pets so that even if the most extensive and expensive option isn’t possible for them, they can still get care. 

In her column in this week’s Veterinary Student Insider, industry recruiter Stacy Pursell describes what the spectrum of care is and how understanding the concept can help you in your job search.  

“If you haven’t been exposed to this concept during your veterinary schooling, I would encourage you to study it yourself and find out as much as you can about it prior to graduation,” Stacy writes. “Those who have been steeped in a traditional approach to veterinary medicine may find it more difficult to adjust to a growing and popular development such as this one. 

“On the other hand, those who are thoroughly familiar with the spectrum of care concept and are prepared to practice it will have a distinct advantage over those who do not.” 

To find out more about the spectrum of care and its increasing importance in veterinary medicine, read Stacy’s full column.


Inflation and prices in veterinary medicine       

Inflation is a hot topic in the news, with the consumer price index increasing faster than it has in decades. But how is it affecting veterinary medicine? 

In the second column in his Fountain Report series on how the economy is affecting the veterinary industry, Dr. James Lloyd addresses several areas of concern for practice leaders regarding inflation. 

Using the consumer price index as the benchmark, veterinary service costs don’t seem to be rising faster than household income, though the picture may be changing for lower-income households, Jim notes. 

Price seems to rank low for pet owners when considering which veterinarian to choose, meaning that generally, demand for veterinary services isn’t likely to change much with inflation. Again, lower-income pet owners may be more sensitive to price hikes than others. 

Based on the data, therefore, inflation likely won’t change the current veterinary industry workforce shortages, Jim says: “Innovative, progressive initiatives to address the shortages and provide enhanced access to care should certainly not be shelved.” 

> Read the full column here.

You can read Jim's first column in the series here.

Planning your practice’s operational strategy for 2023    

If practice leaders haven’t gotten started on strategic planning for 2023, now is the time to do so. 

In her latest column in the Fountain Report, veterinarian and industry consultant Karen Felsted gives advice for practice managers to plan for next year effectively. 

First, practice leaders should take a quantitative look at their operation: revenue and profitability (and how they’re changing over time), costs, client numbers and productivity. Leaders should also evaluate their practice qualitatively, accounting for online reviews, program results, and how their practice compares to others nearby. 

Next, leaders should identify their quantitative and qualitative goals for 2023 and develop a specific action plan to achieve them.
“Strategic planning is always important but even more so in the last couple of years and looking into the future due to the large changes we have seen in veterinary medicine, the economy and the world at large,” Karen says. 

> Read the full column here.

To help the veterinary profession, invest in your team

As the veterinary profession struggles to meet rising demand for care amid a workforce shortage, leaders need to invest in their teams, writes Dr. Bob Lester, chief medical officer at WellHaven Pet Health. 

In Today’s Veterinary Business, Lester and Kara Burns, WellHaven’s director of veterinary nurse development, offer advice for managers to effectively engage and empower their team members. This includes offering the opportunity to obtain nutrition certification, paid continuing education time and tuition reimbursement. 

> Read the full article here.

Rural veterinary shortages create risks for food system, report says 
The United States faces an alarming shortage of veterinarians to treat livestock and poultry in rural areas, threatening public health, food safety and economic growth in communities that depend on agriculture, a new report says. 

Today, only 3-4% of new veterinary school graduates pursue livestock or other food animal practice areas, down from about 40% four decades ago, according to the report commissioned by Farm Journal Foundation and authored by Cornell University economics expert Clinton Neill. 

Shortages stem from several factors, including high levels of education debt that have outpaced potential earnings, especially in the rural United States. The report includes potential solutions the federal government could implement to mitigate the problem. 

> Read the full article here.

The Vet Watch Report  

Year-to-date revenue for the week ending December 3 was up 4.7% over the same period last year at veterinary practices across the country, according to the latest Vet Watch™ Weekly Insight Report from Animalytix. Month-to-date revenue was down 5.8%. 

For the month ending November 30, core and lifestyle canine and feline vaccine practice purchases were up 0.7%. Purchases of surgical suite consumables were down 0.1%, chronic care product purchases were down 3.5%, kennel cough vaccine purchases were down 1.2%, and parasiticide purchases were up 2.4%. 

> Read the full update here.
This week’s Veterinary Student Insider was compiled by managing editor Breanna Demaline. 

Like what you read? Click here to sign up for free. 
Copyright © 2022 Antelligence, All rights reserved.
The Fountain Report

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list

This email was sent to <<Email Address>>
why did I get this?    unsubscribe from this list    update subscription preferences
NAVC · 3628 Blakeford Club Dr · Marietta, GA 30062-5395 · USA